Joe Ghartey, Ghana's minister of railways development, says he has cancelled the MoU with the China Railway Construction Corporation Corporation (International) Nigeria Limited (CRCC-Nigeria) "for breach of confidentiality". Ghana had signed an MoU with CRCC- Nigeria for the construction and rehabilitation of a 560-kilometre standard gauge railway line.However, after a report in TheCable comparing railway contract costs in Ghana with Nigeria's, the minister [...]
Adewale Tinubu, embattled chief executive officer of Oando Plc, has obtained a court injunction against the Securities and Exchange Commission (SEC).According to court papers seen by TheCable on Monday, Tinubu filed an application before the federal high court in Lagos.The injunction, with suit number FHC/L/CS/910/19, restrained SEC and Mutiu Sunmonu from taking any step on the N91.1 million fine imposed [...]
Calistus Obi, former acting director general of the Nigerian Maritime Administration and Safety Agency (NIMASA), has been sentenced to seven years imprisonment.Mojisola Olatoregun of the federal high court in Lagos delivered the judgement on Monday.The judge, however, gave him the option of paying a N42 million fine.The Economic and Financial Crimes Commission (EFCC) had charged Obi to court on allegations [...]
It will be another busy week for financial markets as investors grapple with trade tensions, Brexit, depressed oil prices and concerns over slowing global growth. The week kicks off with the US ISM Manufacturing PMI for May which is projected to hit 53.0. Appetite for the Dollar is likely to take another hit if the PMI figures fail to meet market [...]
Judges of the federal high court have advised the Asset Management Corporation of Nigeria (AMCON) to use alternative dispute resolution methods in recovering debts.Speaking in Abuja during the weekend, the judges said using ADR centres set up by the federal high court could make recovery faster rather than "wait endlessly for the courts" on grounds that the corporation has over [...]
James Momoh, chairman of the Nigerian Electricity Regulatory Commission (NERC), says he expects the country's present metering gap of five million to be closed in next three years.Speaking at the maiden graduation ceremony of the MOMAS Electricity Meters Manufacturing Company (MEMMCOL) metering school in Ogun state, the NERC chairman said the metering gap as of April was about 5,046,906 out [...]
The staff of the Securities and Exchange Commission (SEC) have locked up the commission's building, TheCable can report.The workers' union is protesting a court order to reinstate Mounir Gwarzo as the director general of the commission.Gwarzo had been suspended by Kemi Adeosun, former minister of finance, over allegations of corruption and abuse of office.He was accused of collecting severance package [...]
Documents made available by the Securities and Exchange Commission has shown that Oando over-deducted withholding tax from the dividends paid to shareholders.The company was reported to have deducted 24% of dividends as withholding tax instead of the 10% stipulated by the Federal Inland Revenue Service (FIRS).Withholding tax is an informal tax that is usually deducted from fees to be paid [...]
Nigerians have more trust in business than government, media and non-governmental organisations, according to the result of the 2019 Edelman Trust Barometer.They believe that their employers should take the lead on "change" rather than waiting for the government to initiate it.The 19th Edelman Trust Barometer Survey Report was unveiled by Edelman and its exclusive Nigerian affiliate, Chain Reactions Nigeria, in Lagos [...]
Rivers state government says Rivers United Football Club and the state owe Eunisell, a global chemical and specialty fluid management company, a debt of gratitude for its continued support of the domestic football league. Eunisell is said to be the longest standing sponsor of a club in the NPFL. Speaking at a dinner to celebrate the partnership of the club at a [...]
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